
Problem Statement
Micro and small business entrepreneurs (MSMEs) are the foundation of a healthy local economy. Contributing 29% towards GDP, SMEs are a major
contributor to socio-economic development. India has around 40-50 million SMEs, accounting for almost 50% of industrial output and 42% of total
export. But even for them, ling taxes can be a bear. Between deadlines, line items, completing forms, there is a lot of information to know.
Leading Factors.
1.
If a deductor fails in deducting TDS or deducts an amount less than the
required amount, the deductor is liable to pay an interest at 1% per month
or part of the month, till the date on which TDS is deducted.
2.
43% of our survey respondents use Income Tax Department's free
e-ling website, while others do it through paid platforms.
3.
A good deal of SMEs don’t entirely know the technicalities that
come in the way of tax ling.
Eects.
1. Tax revenues above 15% of a country’s GDP are a key ingredient for
economic growth, ultimately, poverty reduction. This ensures that
countries have the money necessary to invest in the future and achieve
sustainable economic growth. Developed countries generally have a far
higher ratio.
2.
India’s gross tax-to-GDP which was 11% in FY19, fell to 9.9% in
FY20 and marginally improved to 10.2% in FY21 (partly due to
decline in GDP) and is envisaged to be 10.8% in FY22
The Problem at hand.
There is a lack of solutions in terms of automated tax e-ling
&
invoicing platforms for SMEs, businesses, enterprises and Startups
W
hat if SMEs devote their time and e
orts to upscaling their business, rest be assured by us
!